Canaan, one of the world’s biggest crypto mining rig makers, has launched its own crypto mining business in Kazakhstan, with some Avalon Miner units already in operation.
Fast Facts:
- Canaan said today in a statement that the launch of its own mining operation marked an important step for the company in diversifying its presence in the industry.
- “We believe that our self-operated Bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base,” Canaan Chairman and CEO Nangeng Zhang said in the statement. “As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns.”
- Canaan has been active in building up its operations in Kazakhstan. Earlier this month, it announced that it was opening its first after-sales service center outside of China in the central Asian nation.
- Edward Lu, a senior vice president at Canaan, said in an interview with Forkast.News on Monday that the company’s service center in Kazakhstan was only the first step in Canaan’s setting up shop overseas, and that it was hoping to establish more operations in the future in places such as North America and Northern Europe — “wherever our clients are.”
- Lu noted the recent regulatory crackdown on crypto mining in China, saying: “We’re seeing many Chinese miners looking to relocate overseas to places such as North America, Northern Europe and Kazakhstan. Given Kazakhstan’s [geographical] convenience, we could foresee that many of our mining rigs will be moved to Kazakhstan in the next few months.”